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The Firm debuted as a rated provider in the fourth-annual Global Custodian OTC Derivatives Prime Brokerage Survey, which measures clients' perceptions about the quality of the services offered by providers.
Morgan Stanley received a total of 21 best-in-class ratings across several categories — including OTC Clearing, FX Prime Brokerage, Client Service, Operations, Reporting, Technology — demonstrating the Firm's leadership in helping clients transition to the central over-the-counter clearing environment.
The ratings are based on questionnaires submitted by respondents, who are asked to rate their OTC derivative prime brokers on 45 questions across nine service areas, which include client service, credit intermediation products, clearing counterparties, portfolio margining, foreign exchange prime brokerage, operations, reporting, technology, and value.
Based on the scores, ratings and best-in-class awards are given to providers who receive a qualified number of responses in a series of categories based on the size, investment strategies and regional locations of clients, as well as for the type of OTC derivative agreement they have.
The Global Custodian editors said that the transition from an intermediated market to a cleared one has created new business opportunities for Morgan Stanley, with OTC clearing having become a key focus at the Firm. "The newly developed platform has drawn on existing prime brokerage services to offer clearing clients a range of collateral management, optimization and upgrade tools, which help earn an impressive score on portfolio managing," the editors said.
The article refers to one client, who said the Firm delivered "outstanding service", and that the on-boarding manager has "done a remarkable job." A second client said, "The on-boarding process has been excellent. Resources are knowledgeable and willing to step up to the plate to assist [the] buy-side client."
Morgan Stanley was recently selected by BlackRock to serve as one of its primary clearing brokers for OTC derivatives transactions, as the industry takes steps to prepare for the new OTC clearing environment. The Firm also acted as BlackRock's Clearing Broker for its first live production transactions.
Morgan Stanley currently offers OTC derivative clearing services for credit default swaps at ICE Clear Credit and CME Group in addition to interest rate swaps at LCH SwapClear and CME Group.
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